Time for New Year’s Financial Resolutions

 


It’s that time of year again - the time when we all make our resolutions for the upcoming year. It’s simple to make resolutions, but so much harder to keep them. Studies have shown that 50% of people fail to adhere to their New Year’s resolutions after just three months; 60% fail after six months. Why are resolutions so difficult to keep? What can be done to ensure continued success in adhering to our goals?

Research states that there are three main reasons why it may be difficult to adhere to stated resolutions. The first reason, being vague rather than clear, can cause a person to lose sight of their goal. For example, instead of resolving to “lose weight”, state that you “will lose 10 pounds by March 1, 2012.” The second reason refers to planning a way to gauge one’s progress toward achieving the goal. If your goal is to lose weight, gauge your progress by weighing yourself every week or two, not by seeing whether your clothes “still fit.” The third reason, self-regulation, may be the most difficult hurdle to overcome. An example of this is making an excuse for a special occasion, like going back for thirds at an allyou- can-eat buffet because you’re on vacation.

In addition to these three, there’s also a fourth reason that seems to be a hurdle for most: setting unrealistic goals, being realistic helps motivate one to continue working towards the goal. If one expects to lose a large amount of weight or run a marathon within a few weeks, it can cause that person to lose faith in themselves if the goal isn’t achieved or if they don’t make, what they feel would be, significant progress toward reaching that goal.

When thinking of a resolution, ask yourself the following questions and write down the answers. 1) What is my goal? Be as specific as possible but concise. 2) How and where do I plan on achieving my goal? Include locations to run a marathon, will you train in the gym, in a park, and/or on your treadmill at home? How often per week will you run? 3) When will I want to reach my goal by? Set a deadline, but be realistic and consider your health. For example, healthy weight loss includes losing one to two pounds a week (not a day!). 4) What are some barriers to reaching my goal and what can I do instead? If it rains on one of your running days or an emergency comes up, what can you do instead to continue meeting your goal? 5) How will I reward myself? Set mini-deadlines at certain points to assess your progress and give yourself mini-rewards for meeting those deadlines. Set a big reward for reaching your overall goal, like going to a spa or getting new running shoes.

After writing down your answers, place it in a visible area so you are always reminded of your goal. You may even choose to place it in a visible part of the house so your family knows of your goal. This way they can help you during the process. Including your family in making resolutions is a great way to get everyone involved. You may even choose to set a “family” resolution and an “individual” resolution. Some family resolutions may be eating four meals together per week, declaring every Thursday night a game night, or doing assigned chores every Saturday morning.

Whatever you choose to do, try to gather your family’s input because they are more likely to participate and take ownership if they are involved in the decision-making. For example, one family member may choose the game for that weeks’ game night or each family member is responsible for contributing to the family meal by preparing or buying an item, assisting with making a dish, or setting the table. Each member can even suggest the meal or a side item to be included that week.

Using family as motivators may help you stay on track to reaching your goal. From an early age, children pay close attention to what others say and do. They find it very important that others are honest in their words and actions, and may notice when an adult is not doing something they said they would do. Even teenagers may be quick to point out inconsistencies between adults’ word and actions, such as showing anger when they see a parent smoking although he/she resolved to quit.

Holding to New Year’s resolutions can be difficult, but it is important to not give up. Writing a plan by answering the aforementioned questions, keeping it in a visible location, being realistic and honest with yourself, and seeking support from others can help give you the strength to continue meeting your goal.

For more information contact Gabriela Murza, Family and Consumer Science Faculty with the University of Florida/ IFAS – Osceola County Extension at 321-697-3000 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it